The rating is the first Auswide Bank has had from Fitch, after it withdrew its last rating from Standard & Poor’s (which was a BBB-/A-3 rating with a stable outlook).
Managing director Martin Barrett said that the Fitch rating was a testament to the strength of the bank, including its “robust capital, strong risk management processes and sound asset quality”.
The bank added that the dual rating, which includes Moody’s rating of Baa2/P2 (stable outlook), provides a “strong platform to maintain growth in the bank’s residential, business and consumer finance lending”.
[Related: S&P downgrades bank’s outlook]
Annie Kane is the editor of The Adviser and Mortgage Business.
As well as writing about the Australian broking industry, the mortgage market, financial regulation, fintechs and the wider lending landscape – Annie is also the host of the Elite Broker and In Focus podcasts and The Adviser Live webcasts.